Tag Archives: Warren Buffett

Hoops’ fans rule!

Winning WizardsThis is a fabulous time of year for basketball fans. The annual “March Madness” tournament involving the top 64 teams in Division 1 men’s college basketball has just started, with the top 64 teams in Division 1 on the women’s side due to begin competing too this weekend. Meanwhile, the professional National Basketball Association (NBA) league continues, seemingly undeterred by its spotlight briefly being stolen by unpaid amateur college players. Basketball is deliciously ubiquitous on television right now.

The National Collegiate Athletic Association’s (NCAA) March Madness competitions are very popular. This may be partly because they symbolize the arrival of spring—which is extra welcome this year after an unrelenting winter. But the tournaments are mainly well received because of the way they showcase the health of, and depth of talent in, basketball. Even though only a few of those playing college ball will actually make it into the NBA.

The tournaments also attract the attention and interest of non-basketball fans due to the fun that can be had putting together a “bracket”. Once the March Madness roster and seeds are announced on “Selection Sunday”, the obscure but all-American science of “bracketology” becomes widely practiced. Keen followers of the game and novices alike immediately began filling in their “bracket”, or choice of likely winner of each game in the elimination competitions, culminating in the declaration of the eventual winners. Pre-tournament predicting of the outcomes of the matchups happened all over the country this week, with friendly and not so friendly wagers being commonplace. Investor Warren Buffett and the company Quicken Loans raised the stakes this year by offering $1 billion to anyone who correctly called the winner of every single one of the 63 games in the men’s tournament. After the first two days of play, amazingly enough, not one of the 11 million brackets submitted to the ESPN Sports Channel correctly predicted the state of affairs. Such has been the extent of upsets.

An avid basketball player and devoted fan, President Barack Obama gets into it too. He took time out this week from placing sanctions on Russians for their government’s actions in Crimea and trying to recruit younger Americans for his signature healthcare plan to explain his bracket choices on the men’s side. Only once in the past five years of him making a bracket as president has he successfully anticipated the winner. For the record, this sixth time, Obama declares Michigan State will be the ultimate victor.

Another fun dimension to observe is the mostly good-natured bantering and trash talking that goes on as people get behind their favourite team or college alma mater. Is there also an identifiable hike in beer sales accompanying the present spike in television watching? There must be!

While being wrapped up in the NCAA competitions, I also want to give a shout out to the NBA and especially our hometown team, the Washington Wizards. My family attended the Wizards home game against the Brooklyn Nets last Saturday at the Verizon Center in downtown Washington. We all had a magnificent evening. Yes, the home team won 101-94, but that was only part of what made the outing memorable.

The evening was a total entertainment package. From the robust National Anthem sung solo by a talented young girl at the start of the game to the pulsating rhythms accompanying the cheerleading “Wizard girls” performing their dance moves, it was a complete sensory experience. Loud participation from the sold-out crowd was critical—both to the Wizards’ victory and the atmosphere around the game. Any timeouts during the game provided opportunities for further visual stimulation, mainly by the cheerleaders. Although the “dance cam[era]” scanning the crowd also caught some wonderful action. Half-time entertainment included a local dance troupe and a dunking spectacle.

Egged on by an announcer, the crowd became extra noisy at critical junctures. This included delicate moments, such as when Net players were trying to make baskets with free throws. Reflecting one of the many advantages of playing at home, the crowd was, of course, respectfully quiet when any Wizard similarly took free throws. A crowd-pleasing and rather hilarious moment was when a Brooklyn player missed two free throws in a row—whereby the crowd then knew each ticket holder could claim a free chicken fillet sandwich at any Chic-Fil-A fast food restaurant.

There were, of course, other advertising and merchandising pitches. A “t-shirt toss” saw dozens of t-shirts being spread throughout the crowd. The Wizards’ victory and the fact that they scored over 100 points in winning also meant that anyone could get fifty percent off pizza purchases at Papa John’s pizza outlets.

Sports purists might question all the distracting but amusing add-ons that seem expected as part of the fan experience at live sporting events these days. They might ask, “Isn’t the majesty of the game well played enough?” For passionate basketball fans who want to experience the game less adorned, there’s happily March Madness to feast on for the next couple of weeks.

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Unoccupying D.C.

Protesters occupying two downtown Washington, D.C., locations are being told to pack up and leave, and are being forcibly removed—even arrested—if they don’t leave voluntarily. After months of tolerance and inaction, U.S. Park Police have started enforcing the law on no overnight camping in parks.

Respecting people’s First Amendment right to freedom of expression from government interference and the concomitant right to peaceful assembly have underpinned acceptance of the occupiers in the two parks at McPherson Square and Freedom Plaza. However, District sanitation officials have been concerned for weeks about deteriorating sanitary conditions, especially at the McPherson camp, with rat sightings becoming commonplace, even during daylight. A congressional committee also started investigating the violation of no nightly camping on federal land. Park police had also been asking occupiers to remove an enormous tarpaulin—the “Tent of Dreams”—that they had erected around the statue of General McPherson, a Civil War hero, in the center of the Square.

Police cleared most of the tent community at McPherson Square yesterday at dawn. As of this afternoon, the remaining stragglers on the one side of the square defiantly maintained they would never leave. At Freedom Plaza, from the volume of police on the plaza and in the immediate area this afternoon, it is appears similar clearing procedures are imminent. The number of tents at Freedom Plaza has certainly decreased in the last days, with campers evidently heeding warnings to pack up and leave. Churches in the District have apparently been offering temporary shelter.

A couple of visits to the two sites in recent days left me with some impressions. The physical squalor of the McPherson camp was impossible to ignore. Nonstop human traffic since the occupation started in early October, coupled with rain, sleet and a little snow, have ensured that the formerly grassy square has become a mushy, gooey mud bath (no wonder occupiers resorted to sleeping on pallets). Paving at the Freedom Plaza site facilitated a less unsanitary environment.

But more than the deterioration of the physical environment, what struck me was how the nature of those now occupying the camps, especially McPherson, changed. The median age of the occupiers definitely increased. Gone are the younger, idealistic, perhaps naïve occupiers of autumn. Those remaining are older, more seasoned activists; some are anarchists and others nihilists. The gentle bearded young man from California with whom I chatted last November as he munched his breakfast in his “tent” of draped clear plastic with its sign proclaiming “Occupy DC is transparent and participatory” seems long gone.

Despite admonitions such as “Cops: Don’t Be Tools of the 1%” seen earlier at McPherson, one could argue that police are doing “Occupy D.C.” a favour by clearing out the camps. This phase of the Occupy movement here in D.C. had run its course. But the occupiers couldn’t back down without losing face. Park police have now given them the way out. It was time anyway for the occupiers to retreat, regroup, consolidate, reassess, and plan new strategies for spring. And now they can do so.

The Occupy movement has unquestionably influenced the national debate. The discussion it provoked on income and social inequality, corporate greed, indebtedness, and unemployment is ongoing. Indeed, its focus on social inequity in the United States and how economic policies benefit the already haves is central in current discourse. President Barack Obama is urging tax reform so that the wealthiest pay more than they have been. He highlights the issue that Warren Buffett brought to the fore—that Buffett’s secretary pays taxes at a higher rate than Buffett himself does. The tax returns of likely Republican presidential nominee Mitt Romney, one of the wealthiest men ever to be running for president, with a net worth estimated to be around $250 million, further underscore this point. Romney is shown to have paid a tax rate of 13,9% in 2010 on capital gains from $20 million in income. Revelations such as this and Romney’s general awkwardness in discussing money, wealth, and poverty should surely galvanize the Occupy movement as its followers deliberate the way forward.

As the Occupy movement in D.C. ends its current phase, perhaps the miracle is that the D.C. camps lasted as long as they did. An unusually mild winter certainly helped. While those in the ski industry have cursed the relative lack of snow, those in Occupy D.C. were grateful.

Update on February 13, 2012: As of this afternoon, McPherson Square and Freedom Plaza still house a few token Occupy D.C. tents.  No sleeping or camping is permitted in these tents. Compliance with Park Police also requires tent flaps always to be open so police can confirm no bedding or personal effects are being kept there. Occupiers are apparently maintaining a constant presence in the parks. I was told that people are sleeping in shifts elsewhere—such as in churches and shelters—and then taking turns keeping vigil 24/7 in the parks. The library tent at McPherson Square still stands, packed tight with books and magazines, but the “OccuTeaHouse” is gone.

Update on February 20, 2012: The Washington Post complements the Park Police for the way they handled the Occupy D.C. protests.